Modest Increase in April Home Sales in the Fraser Valley Takes Lead from Cooler Spring Weather

As April unfolds in Surrey, BC, the Fraser Valley real estate market experiences a modest uptick in home sales. Despite the spring weather and an increasing inventory, buyers remain cautious, leading to a relatively cooler resale market. This article delves into the recent market statistics, trends, and insights to provide a comprehensive view of the current real estate landscape.

Slight Rise in Sales Amid Growing Inventory

The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, marking a 5% increase from March. However, this figure is still 5% lower than April 2023. While these numbers reflect a slight rise, sales remain the third lowest for April in the past decade.

Meanwhile, inventory levels continue to grow, reaching 7,313 active listings, an 18% increase from March and 17% above the 10-year average. These levels haven't been seen since September 2020, offering buyers more choices in the market.

A Balanced Market Emerges

Jeff Chadha, Chair of the Fraser Valley Real Estate Board, describes the current market as relatively calm and balanced. This balance provides buyers the opportunity to shop around and purchase homes without the intense pressure experienced in previous years. Prices are holding steady across all property types, creating a stable environment for both buyers and sellers.

New listings also contributed to the overall inventory, increasing by 33% in April to 3,976. The sales-to-active listings ratio stands at 20%, indicating a balanced market. Typically, a balanced market is characterized by a ratio between 12% and 20%.

Market Sentiment and Buyer Caution

Despite the balanced conditions, there is a noticeable caution among buyers. FVREB CEO Baldev Gill highlights that many buyers are hesitant to make purchases until the Bank of Canada lowers its rates. This cautious approach stems from economic uncertainties and fluctuating interest rates.

Gill advises potential buyers to consult with REALTORS® and financial professionals to explore current rate options and make informed decisions. This guidance can help buyers navigate the market and seize opportunities as they arise.

Decreasing Days on Market

One positive trend for sellers is the continued decline in the average number of days homes spend on the market. In April, single-family detached homes averaged 23 days on the market, down from 27 days in March. Apartments followed suit, averaging 23 days, down from 26 days, and townhomes saw a slight decrease to 19 days from 20 days in March.

Steady Benchmark Prices

Benchmark prices edged up slightly in April, showing a 0.5% increase from March and a 1.5% rise over April 2023. This steady increase reflects the market's resilience and stability, even amid cautious buyer sentiment.

Additional Resources

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• Home Search: Explore available properties and find your next home.

• Current Market Insights: Stay updated with the latest market trends and news.

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Disclaimer

This article is intended for informational purposes only and does not constitute professional advice. Always consult with a qualified real estate professional before making any real estate decisions.

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